Being a Single Homebuyer can be scary
If you are currently renting by yourself or with roommates, the thought of purchasing a home on your own can be scary. But, with careful planning, you and a trusted real estate agent can make your dream a reality! In fact, the number of single homebuyers has doubled in the past forty years, making about 28% of all households solely owned. And that number is expecting to continue growing. So, be encouraged that more and more people are beginning to take this route and it is totally within reach for you!
Here are some tips to put you on the right track towards solely purchasing a home:
1. Credit Score
Be familiar with your credit score. Since you will be the only person purchasing the home, a loan officer will only have one, single credit profile to look at. Make sure it is in good standing. If it’s not at the moment, don’t panic! Make a plan on how you plan to raise your credit score. If you are unsure how to improve it, connect with a professional who can help you make a plan.
2. Down Payment Options
It is a common misconception that you need a 20% down payment to buy a house. In fact, there are programs that allow for a down payment as low as 3%. Research/ask about these options! This is where you will want to talk to a loan officer. A lender will be able to tell you exactly how much home you can afford and this will give you a better idea of what your down payment may be. Of course, every situation is different, so it’s important to talk to a real estate agent and lender that you trust.
3. Think About What You Want
Make lists of all the things that you want and of all of the things that you need. What are the things that you absolutely have to have when it comes to your home—a garage, a backyard, etc. Make sure to strictly distinguish between needs and wants. Think about your lifestyle and what is important to you as far as space, location and amenities go. It’s always best to have a plan.
And, yes! All of this can be challenge, but that is exactly what the professionals are here for! Lean on us, ask us questions, look to us for guidance. We know this business inside and out and we want to see your dream come true. So, be confident that it can happen and get started today! One step at a time takes you a long way and we would love to be there for all of it!